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Senators Earmark $288 Billion for More Small Business Relief

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A new bipartisan proposal allocates $288 billion for small business assistance.

A bipartisan group of senators has announced a national $908 billion COVID-19 relief "framework" that earmarks $288 billion for Paycheck Protection Program loans and other supports for small businesses.

The package "would increase unemployment benefits to help families make ends meet, give essential assistance to small businesses on the verge of closing, provide funds to the state and local governments who've led the response to this crisis and much more - including support for schools, hospitals and vaccine distribution," says Sen. Angus King of Maine.

"I am particularly pleased that this package includes funding for another round of Paycheck Protection Program forgivable loans, which has helped keep our small businesses afloat," says Sen. Susan Collins, also of Maine.

Here's a breakdown of how funds would be allocated:

Issues Cost estimate
Support for small businesses (PPP, EIDL, etc.) $288 billion
Additional unemployment insurance $180 billion
State, local and tribal governments $160 billion
Education $82 billion
Transportation (airlines/airports, buses, transit and Amtrak) $45 billion
Healthcare Provider Relief Fund $35 billion
Nutrition/agriculture $26 billion
Housing assistance (rental) $25 billion
Vaccine development, distribution, testing and tracing $16 billion
CDFI/MDI community lender support $12 billion
Broadband $10 billion
Child care $10 billion
U.S. postal service $10 billion
Opioid treatment $5 billion
Student loans $4 billion

 

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